Offering Memorandum
96 SPRINGS ROAD Springstowne Center | Vallejo, CA 94591
S P R I N G s r o a d
SPRINGSTOWNE CENTER
SUBJECT PROPERTY
Purchase Price:
$1,550,000NOI:
$97,968Price/SF:
$187.49Current CAP Rate:
6.32% Proforma Cap Rate:
7.01%Rentable Sq. Ft.:
±8,267
DEMOGRAPHICSPopulation1 Mile 3 Mile 5 Mile20,396 107,607 166,460
S P R I N G s r o a d
COLLIERS INTERNATIONAL2
SUBJECT PROPERTY
96 SPRINGS ROAD | VALLEJO, CA 3
TABLE OF CONTENTSEXECUTIVE SUMMARY 4
PROPERTY HIGHLIGHTS 8
FINANCIAL OVERVIEW 14
LOCATION OVERVIEW 20
EXCLUSIVELY OFFERED BY:
BRYAN WEBBSenior Vice President + 1 415 788 [email protected]: 01826546
IAN ARMSTRONGAssociate + 1 415 510 [email protected]: 02069601
VALLEJO FERRY TERMINAL
1M TRAVELLERS PER YEAR
USS LCS (L) (3)-102
SPRINGs road
350 SINGLE FAMILY HOMES TO BEGIN CONSTRUCTION IN THE NEXT 18 MONTHS
EXECUTIVE SUMMARY
Facing East
m a r e i s l a n d
COLLIERS INTERNATIONAL4
napa river
s a c r a m e n t o / S A N J O A Q U I N d e lta
SUBJECT PROPERTY
350 SINGLE FAMILY HOMES TO BEGIN CONSTRUCTION IN THE NEXT 18 MONTHS
96 Springs RoadVallejo, CA 94591
m a r e i s l a n d
96 SPRINGS ROAD | VALLEJO, CA 5
EXECUTIVE SUMM
ARY
EXECUTIVE SUMMARY
Colliers International, as Exclusive Advisor to the Seller, is pleased to present the opportunity to acquire
the 100% fee simple interest in 96 SPRINGS ROAD, VALLEJO, CA (the “Property”), a ±8,267 square
foot retail and office building located in East Vallejo’s Springstowne Center. Springstowne Center is a
neighborhood shopping center anchored by 99 Cents Only Store and Island Pacific Market.
The property is 100% fully leased and currently occupied by a barber shop, church, and two medical
practices, one dental and one doctor’s office. This is an exceptional opportunity to acquire a true value-add
property in the San Francisco Bay Area which is fully-leased and is a 6.32% Cap rate on existing income.
HIGHLIGHTS
±8,267 sq. ft. Spaces Parking Ratio
±7,667 Separately metered
Retail and Office Located in the Springstowne Center
100% Interior remodel of dental suite
ADDRESS
PRIMARY USE
BUILDING SIZE
SINGLE STORY
PARKING
OCCUPANCY
LAND SQ. FT.
RECENT UPGRADES
POWER
MONTEREY BAY
SAN LUISRESERVOIR
SANPABLO
BAY
SUISUNBAY
LAKEBERRYESSA
FOLSOMLAKE
SANFRANCISCO
BAY
PACIFICA
DALYCITY
SAN MATEO
MOUNTAINVIEW
HALF MOONBAY
PALO ALTO
REDWOODCITY
LOS GATOS
CAMPBELL
BOULDERCREEK
LIVERMORE
SAN RAMON
BRENTWOOD
ANTIOCH
MILPITAS
WALNUTCREEK
CONCORD
MILL VALLEY
HAYWARD
FREMONT
ALAMEDA
BERKELEY
MORGAN HILLSCOTTSVALLEY
GILROY
VALLEJONOVATO
PETALUMA
ROHNERTPARK SONOMA
HEALDSBURG
VACAVILLE
FAIRFIELD
YOUNTVILLEDIXON
WINTERS
GALT
ELK GROVE
DAVIS
LODI
TRACY RIVERBANK
MANTECA
TURLOCK
GEYSERVILLE
CLOVERDALE
ST HELENA
CALLISTOGA
COLOMA
ROSEVILLE
PATTERSON
NEWMAN
GUSTINE
LOS BANOS
WOODLAND
SAN RAFAEL
PACIFICA
DALYCITY
SAN MATEO
MOUNTAINVIEW
HALF MOONBAY
PALO ALTO
REDWOODCITY
LOS GATOS
CAMPBELL
BOULDERCREEK
LIVERMORE
SAN RAMON
BRENTWOOD
ANTIOCH
MILPITAS
WALNUTCREEK
CONCORD
MILL VALLEY
HAYWARD
FREMONT
ALAMEDA
BERKELEY
MORGAN HILLSCOTTSVALLEY
GILROY
VALLEJONOVATO
PETALUMA
ROHNERTPARK SONOMA
HEALDSBURG
VACAVILLE
FAIRFIELD
YOUNTVILLEDIXON
WINTERS
GALT
ELK GROVE
DAVIS
LODI
TRACY RIVERBANK
MANTECA
TURLOCK
GEYSERVILLE
CLOVERDALE
ST HELENA
CALLISTOGA
COLOMA
ROSEVILLE
PATTERSON
NEWMAN
GUSTINE
LOS BANOS
WOODLAND
SAN RAFAEL
LA HONDALA HONDA
SACRAMENTO
STOCKTON
MODESTO
SAN JOSE
OAKLANDSAN
FRANCISCO
NAPA
SANTAROSA
SANTACRUZ
SACRAMENTO
STOCKTON
MODESTO
SAN JOSE
OAKLANDSAN
FRANCISCO
NAPA
SANTAROSA
SANTACRUZ
505
680
5
5
5
680
680
80
80
280
280880
580
205
80
80
5
780
80
580
128
37
1
1
92
152
132
33
994
16
99
84
160
113
12
12
128
88
116
29121
35
26
84
17
120
165
4
41
12
99
99
101
101
50
101
N
COLLIERS INTERNATIONAL6
9 6 S PR I N G S ROAD
Vallejo, CA
INVESTMENT HIGHLIGHTSPROPERTY 96 Springs Road
ADDRESS 96 Springs Road
CITY, STATE, ZIP Vallejo, CA 94591
ASKING PRICE $1,550,000
PRICE/SF $187.49
NOI $94,968
CURRENT CAP RATE 6.32%
OWNERSHIP Fee Simple
RENTABLE SF ±8,267
STORIES 1
ZONING Commercial
PROPERTY OVERVIEW96 Springs Road (also known as 96 Springstowne Road) is single-story, multi-tenant retail and office building located in the Springtowne Center in Vallejo, CA.
The tenant profile consists of local tenants which serve the nearly 22,000 people within a one-mile radius. The tenant mix is approximately 40% retail and 60% medical/dental office, with the retail portion well under market rents.
S P R I N G s roa d
OA KWO O D AV E
96 SPRINGS ROAD | VALLEJO, CA 7
EXECUTIVE SUMM
ARY
SUBJECT PROPERTY
COMMON AREA PARKING
PROPERTY HIGHLIGHTS
COLLIERS INTERNATIONAL8
PROPERTY OVERVIEWAddress 96 Springs Road, Vallejo, CA 94590Cross Street Oakwood AvenueHighway Access Interstate 80, Highway 37APN 0071-061-300County SolanoTopography Level 1Zoning CDStories 1
Year Built 1963Roof Type Flat compositionHVAC Carrier, roof mounted unitsUtilities Separately metered for all utilitiesHeating NonePlumbing Copper/galvanizedParking Surface Asphalt
EXISTING IMPROVEMENTSSize (SF) ±8,267Occupancy 100%Number of Tenants 4Restrooms 4
PROPERTY SUMMARY
PROPERTY HIGHLIGHTS
96 SPRINGS ROAD | VALLEJO, CA 9
PARCEL MAP 9 6 S PR I N G S Road
Vallejo, CA
Common Area Parking and Access Rights
COLLIERS INTERNATIONAL10
FLOOR PLAN
A B C D
PROPERTY HIGHLIGHTS
96 SPRINGS ROAD | VALLEJO, CA 11
COLLIERS INTERNATIONAL12
PROPERTY HIGHLIGHTS
96 SPRINGS ROAD | VALLEJO, CA 13
FINANCIAL OVERVIEW
COLLIERS INTERNATIONAL14
Current Income & Expense
2019 Converting 50% of Tenants to NNN
TENANT SF Current Rent $/SF/MO Current Annual Rent Market Rent Per MO96-A Decasin Dental 1,800 $2,835 $1.58 $34,020 $2,835.00
96-B Family Physicians 3,387 $3,750 $1.11 $45,000 $3,750.00
96-C Barber Shop 1,240 $2,000 $1.61 $24,000 $2,000.00
96-D Church 1,240 $2,200 $1.77 $26,400 $2,250.00
Common Area (Covered Awning) 600
8,267 $10,785 $1.51 $129,420 $130,020
Tax/CAM Reinburments $6,934 $17,000.00
Vacancy Factor (3%) -$3,993 -$3,901
Gross Annual Income $132,471.40 $143,119
FINANCIAL OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 15
OPERATING EXPENSES $/MO Current Expenses Pro-Forma ExpensesRoof repairs (Replaced in 2014) $0.24 $2,000 $2,000
Management (3%) Maintenance $0.46 $3,774 $3,810
Insurance $0.36 $2,972 $2,972
Association CAM Dues $1.21 $9,996 $9,996
Property Taxes (1.016871%) $1.91 $15,761 $15,761
Janitorial Tenant Tenant
PG&E+ Water Tenant Tenant
HVAC Tenant Tenant
Trash Collection Tenant Tenant
Total Operating Expenses $4.17 $34,503 $34,539
Existing NOI $97,968 $108,580 Current Cap Rate 6.32% 7.01%Purchase Price $1,550,000 $1,550,000Price Per Sq.Ft. $187.49
COLLIERS INTERNATIONAL16
RENT
ROL
L SUITE TENANT SF COMMENCEMENT DATE EXPIRATION DATE LEASE TYPE MO. BASE RENT MONTHLY BASE RENT ($/SF) ANNUAL BASE RENT SECURITY
DEPOSIT CAM AMOUNT BUILDING PRO RATA % OPTIONS COMMENTS
96-A Decasin Dental 1,800 12/1/2016 12/1/2026 MG $2,835.00 $1.58 $34,020 $18.90 21.77% NONE No increases in lease during Base Term96-B Family Physicians 3,387 7/27/2018 7/27/2023 MG $3,750.00 $1.11 $45,000 $13.29 40.97% NONE No increases in lease during Base Term96-C Barber Shop 1,240 11/1/2016 3/1/2020 MG $2,000.00 $1.61 $24,000 $19.35 15.00% NONE Will be converted to NNN upon Lease expiration96-D Church Lease Pending 1,240 7/3/2019 TBD MG $2,200.00 $1.77 $26,400 $21.29 15.00% NONE Awaiting Certificate of Occupancy Permit from City
Common Area (Covered Awning) 600
Total Building Square Footage 8,267 Monthly Rent Avg Rent per SF Annual IncomePercentage Occupied 100% $10,785.00 $1.52 $129,420
FINANCIAL OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 17
SUITE TENANT SF COMMENCEMENT DATE EXPIRATION DATE LEASE TYPE MO. BASE RENT MONTHLY BASE RENT ($/SF) ANNUAL BASE RENT SECURITY
DEPOSIT CAM AMOUNT BUILDING PRO RATA % OPTIONS COMMENTS
96-A Decasin Dental 1,800 12/1/2016 12/1/2026 MG $2,835.00 $1.58 $34,020 $18.90 21.77% NONE No increases in lease during Base Term96-B Family Physicians 3,387 7/27/2018 7/27/2023 MG $3,750.00 $1.11 $45,000 $13.29 40.97% NONE No increases in lease during Base Term96-C Barber Shop 1,240 11/1/2016 3/1/2020 MG $2,000.00 $1.61 $24,000 $19.35 15.00% NONE Will be converted to NNN upon Lease expiration96-D Church Lease Pending 1,240 7/3/2019 TBD MG $2,200.00 $1.77 $26,400 $21.29 15.00% NONE Awaiting Certificate of Occupancy Permit from City
Common Area (Covered Awning) 600
Total Building Square Footage 8,267 Monthly Rent Avg Rent per SF Annual IncomePercentage Occupied 100% $10,785.00 $1.52 $129,420
COLLIERS INTERNATIONAL18
FINANCIAL OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 19
SUBJECT PROPERTY
COLLIERS INTERNATIONAL20
SOLANO COUNTYSolano County comprises the Vallejo-Fairfield Metropolitan Statistical Area, which is also included in the San Jose-San Francisco-Oakland Combined Statistical Area. Solano County is the northeastern county in the nine-county San Francisco Bay Area Region.
Situated midway between San Francisco and Sacramento, Solano County is home to rolling hillsides, waterfronts and fertile farmland. Due to its mild climate, abundant open space, proximity to lakes, rivers and mountains, recreational activities such as fishing, boating, hiking and biking can be enjoyed year-round.
Solano County is a growing community that reaps the benefit of its ideal location for those who live and work in the area. The blend of agriculture, corporate business and pleasant lifestyle enhance the attraction of Solano County. The County limits residential and commercial development outside of cities, thus preserving approximately 80 percent of the land for open space or agricultural uses.
SOLANO COUNTY ECONOMIC OVERVIEW
The Solano County economy has many positive aspects. Construction has made an employment comeback, showing an increase in 2018 of 1,400 more jobs, a 12.8% growth. Office space available in Solano County was at 16.9% vacancy for Class A space, and less than 10.7% for Class B space at the end of 2018. Prices were basically flat for both Class A and B space during 2016.
Commercial real estate lease prices remain regionally competitive as Bay Area prices continue to climb, and office space vacancy exists in Solano County to absorb new and expanding businesses. Such a difference remains one of many reasons for Bay Area companies to consider Solano County for relocation or expansion.
LOCATION OVERVIEW
KEY FACTS
Solano County private sector employers hired 4,000 more workers in 2018; a 3.5% increase from 2017. Housing prices increased 8.2% in 2018 to $450,000, up from $416,000 in 2017 at the median.
The unemployment rate was 3.8% at the start of 2019, the low-est rate on record for the county economy.
Solano County has a positive job growth forecast of 10.24% in net from 2018 to 2030, outpacing similar statewide growth forecasts (8.77%).
Source: Solano County 2018 Index of Economic and Community Progress,
May 2019
Six Flags Discovery Kingdom
LOCATION OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 21
SOLANO COUNTY MAJOR EMPLOYERS(Listed Alphabetically)
CALIFORNIA MEDICAL FACILITY Vacaville Hospital
COMCAST CABLE Vallejo Television-Cable TV
FLATIRON CONSTRUCTION Benicia General Contractors
FORD LINCOLN FAIRFIELD Fairfield Automobile Dealers
GBG CORP Vacaville Wellness Programs
GENENTECH INC Vacaville Pharmaceutical Products
GUITTARD CHOCOLATE CO Fairfield Chocolate & Cocoa
JELLY BELLY CANDY CO Fairfield Candy Manufacturer
KAISER PERMANENTE VALLEJO MC Vallejo Hospital
M&G DURA VENT INC Vacaville Building Materials
MIKE’S AUTO BODY Vallejo Auto Body Repair & Painting
NORTH BAY MEDICAL CENTER Fairfiled Hospital
NUT TREE Vacaville Real Estate Developers
SIX FLAGS Vallejo Amusement Park
TRAVIS AIR FORCE BASE Fairfield Military Base
VACAVILLE CITY HALL Vacaville Government
VALERO BENICIA REFINERY Benicia Oil Refiners
The USS LCS(L) 102 is the last surviving ship of the 130 originally made. These ships, called “Mighty Midgets,” provided close-fire support in the Pacific during World War II. In September 2007 the LCS(L) -102 became a museum ship at Mare Island, at the site of the former Mare Island Naval Shipyard.
COLLIERS INTERNATIONAL22
LOCATION OVERVIEW
VALLEJO OVERVIEW
PLANNED DEVELOPMENT
96 SPRINGS ROAD | VALLEJO, CA 23
Vallejo is a port city in Solano County, located on the northern end of the San Francisco Bay Area. It is the most populous city in Solano County, and is the 10th most populous city in the Bay Area with approximately 120,000 people spanning roughly fifty square miles.
Vallejo neighbors the famous Sonoma and Napa wine countries, but also boasts its own attractions such as the San Francisco Bay Ferry, which is part of Valle-jo’s public transportation system that runs regular ferry service from downtown to San Francisco’s Ferry Building, Six Flags Discovery Kingdom theme park, Mare Island Historic Park, and the Solano County Fairgrounds, which hosts the annual Solano County Fair.
The Vallejo area still remains among the nation’s hottest real estate markets accoring to realtor.com. That the Vallejo area is still near the top of the list means the area’s housing stock is searched frequently and homes sell quickly. The typical Vallejo area home sells in about 30 days, and the median home price is approximatley $480,000.
Central Waterfront Development: The City of Vallejo plans to develop over 37,000 square feet of retail, 63,000 square feet of office space as well as multiple condominium buildings totaling over 420 units. The project also includes plans for a 200,000 square foot hotel, restau-rant, and conference center with approximately 200 rooms.
Northern Waterfront Development: The North Waterfront development encompasses over 16,000 square feet of commercial space, 6,000 square feet of retail and over 175 townhomes split into two neighborhoods.
Mare Island Development: Miami-based Lennar has added over 350 single-family homes to the South Mare Island site, and the Nimitz Group is slated to develop roughly another 250 acres.
SALES COMPS
COLLIERS INTERNATIONAL24
NAME ADDRESS CITY BUILT BLDG SF LAND SF COE PRICE $/SF CAP RATE COMMENTS
300 Sonoma Blvd 300 Sonoma Blvd Vallejo N/A 4,964 16,117 $851,000 $171 4.86% -
1744 Tuolumne St 1744 Tuolumne St Vallejo 2005 6,818 33,541 $1,993,126 $271 6.09% FoodMaxx anchored center
630 Tennessee St 630 Tennessee St Vallejo 1953 7,012 18,295 $950,000 $135 6.34% Defered maintenance
3801-3815 Alhambra Ave 3801-3815 Alhambra Ave Vallejo 1957 14,014 54,450 $5,070,000 $362 5.00% -
990 Broadway St 990 Broadway St Vallejo 1980 2,010 17,860 $610,000 $303 6.00% Medical office & retail
$0
$150
$300
$450SALES COMPARABLES - PRICE PER SF
LOCATION OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 25
NAME ADDRESS CITY BUILT BLDG SF LAND SF COE PRICE $/SF CAP RATE COMMENTS
300 Sonoma Blvd 300 Sonoma Blvd Vallejo N/A 4,964 16,117 $851,000 $171 4.86% -
1744 Tuolumne St 1744 Tuolumne St Vallejo 2005 6,818 33,541 $1,993,126 $271 6.09% FoodMaxx anchored center
630 Tennessee St 630 Tennessee St Vallejo 1953 7,012 18,295 $950,000 $135 6.34% Defered maintenance
3801-3815 Alhambra Ave 3801-3815 Alhambra Ave Vallejo 1957 14,014 54,450 $5,070,000 $362 5.00% -
990 Broadway St 990 Broadway St Vallejo 1980 2,010 17,860 $610,000 $303 6.00% Medical office & retail
COLLIERS INTERNATIONAL26
LEASE COMPSADDRESS STATUS CITY BUILT GLA ASKING RENT AVAIL SF TIME ON MARKET PROPERTY TYPE LEASE TYPE
605-627 Tennessee St For Lease Vallejo 1987 7,780 $1.00 1,200 60 Retail Strip NNN
1833 Springs Rd Leased Vallejo 1980 5,600 $1.21 1,600 0 Retail Strip FS
2035-2045 Springs Rd Leased Vallejo N/A 5,871 $2.00 1,500 30 Retail Strip NNN
235 Couch St For Lease Vallejo N/A 7,441 $1.60 1,000 30 Office/Retail MG
1649-1659 Tennessee St For Lease Vallejo N/A 14,047 $1.47 1,700 30 Retail Strip MG
$0.00$0.25$0.50$0.75$1.00$1.25$1.50$1.75
$2.00$2.25 LEASE COMPARABLES - ASKING RENT
LOCATION OVERVIEW
96 SPRINGS ROAD | VALLEJO, CA 27
ADDRESS STATUS CITY BUILT GLA ASKING RENT AVAIL SF TIME ON MARKET PROPERTY TYPE LEASE TYPE
605-627 Tennessee St For Lease Vallejo 1987 7,780 $1.00 1,200 60 Retail Strip NNN
1833 Springs Rd Leased Vallejo 1980 5,600 $1.21 1,600 0 Retail Strip FS
2035-2045 Springs Rd Leased Vallejo N/A 5,871 $2.00 1,500 30 Retail Strip NNN
235 Couch St For Lease Vallejo N/A 7,441 $1.60 1,000 30 Office/Retail MG
1649-1659 Tennessee St For Lease Vallejo N/A 14,047 $1.47 1,700 30 Retail Strip MG
COLLIERS INTERNATIONAL28
DEMOGRAPHICSPO
PULA
TION
1 Mile 3 Mile 5 Mile2000 Total Population 20,371 104,849 151,193
2010 Total Population 19,517 101,572 156,966
2018 Total Population 21,541 107,607 169,0432023 Total Population 21,040 111,822 173,052Population Change 2000 to 2010 -4.2% -3.1% 3.8%Population Change 2000 to 2018 .1% 2.6% 10.1%
Population Change 2010 to 2023 7.8% 10.1% 10.2%Population Change 2018 to 2023 3.2% 3.9% 4.0%
HOUS
EHOL
DS
1 Mile 3 Mile 5 Mile2000 Households 7,076 36,765 52,461
2010 Households 6,906 36,744 55,3052018 Households 7,045 37,938 57,2392023 Households 7,123 38,598 58,306Household Change 2000 to 2010 -2.4% -.1% 5.4%
Household Change 2000 to 2018 -.4% 3.2% 9.1%Household Change 2010 to 2023 3.1% 5.0% 5.4%Household Change 2018 to 2023 1.1% 1.7% 1.9%
INCO
ME
1 Mile 3 Mile 5 Mileup to $24,999 20.1% 21.6% 19.0%
$25,000 to $49,999 24.7% 20.0% 18.9%
$50,000 to $74,999 19.1% 17.1% 16.7%
$75,000 to $124,999 22.5% 22.2% 22.6%
$125,000 to $199,999 10.1% 14.1% 15.8%
$200,000 or more 3.5% 5.0% 7.0%Median Household Income $63,000 $64,000 $70,901Median Income Change 2000 to 2018 12.9% 22.8% 29.5%
Median Income Change 2010 to 2023 11.2% 17.3% 20.3%Median Income Change 2018 to 2023 16.6% 17.9% 19.7%
9 6 S PR I N G S ROAD
Vallejo, CA
96 SPRINGS ROAD | VALLEJO, CA 29
CONFIDENTIALITY AGREEMENT
This Confidential Offering Memorandum (the “Memorandum”) has been prepared and presented to the recipient (the “Recipient”) by Colliers International (“Colliers”) as part of Colliers’ efforts to market for sale the real property located at 96 Springs Road, Vallejo, CA (the “Property”). Colliers is the exclusive agent and broker for the owner(s) of the Property (the “Owner”). Colliers is providing this Memorandum and the material contained in it to the Recipient solely to assist the Recipient in determining whether the Recipient is interested in potentially purchasing all or part of the Property. Colliers also is providing this Memorandum and the material in it to the Recipient with the understanding that the Recipient will independently investigate those matters that it deems necessary and appropriate to evaluate the Property and that the Recipient will rely only on its own investigation, and not on Colliers, the Owner or this Memorandum, in determining whether to purchase the Property. The Recipient’s use of this Memorandum and the material in it is strictly governed by the terms and conditions of the Registration and Confidentiality Agreement that the Recipient previously executed and delivered to Colliers.
PLEASE NOTE THE FOLLOWING: Colliers, the Owner and their respective agents, employees, representatives, property managers, officers, directors, shareholders, members, managers, partners, join venturers, corporate parents or controlling entities, subsidiaries, affiliates, assigns and predecessors and successors-in-interest make no representations or warranties about the accuracy, correctness or completeness of the information contained in this Memorandum. The Recipient is urged not to rely on the information contained in this Memorandum and to make an independent investigation of all matters relating to the Property.
This Memorandum includes statements and estimates provided by or to Colliers and/or the Owner regarding the Property. Those statements and estimates may or may not be accurate, correct or complete. Nothing contained in this Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements and estimates. Further, nothing contained in this Memorandum should be construed as representation or warranty about any aspect of the Property, including, without limitation, the Property’s (1) past, current or future performance, income, uses or occupancy, (2) past, current or prospective tenants, (3) physical condition, (4) compliance or non-compliance with any permit, license, law, regulation, rule, guideline or ordinance, or (5) appropriateness for any particular purpose, investment, use or occupancy. Again, the Recipient is urged not to rely on this Memorandum and the statements and estimates in it and to make an independent investigation regarding the Property and the statements and estimates contained herein.
This Memorandum may include statements regarding, references to, or summaries of, the nature, scope or content of contracts and/or other documents relating to the Property. Those statements, references or summaries may or may not be accurate, correct or complete. Additionally, Colliers may not have referenced or included summaries of each and every contract and/or other document that the Recipient might determine is relevant to its evaluation of the Property. Nothing contained in this Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements, representations or summaries. On request and as available, and subject to the Owner’s consent, Colliers will provide the Recipient with copies of all referenced contracts and other documents. Colliers assumes no obligation to supplement or modify the information contained in this Memorandum to reflect events or conditions occurring on or after the date of its preparation of this Memorandum. More detailed information regarding the anticipated terms, conditions and timing of any offering by the Owner relating to the Property will be provided in due course by separate communication. Colliers and/or the Owner reserve the right to engage at any time in discussions or negotiations with one or more recipients of this Memorandum and/or other prospective purchasers of the Property without notice or other obligation to the Recipient.
Accelerating success.
COLLIERS INTERNATIONAL | 101 SECOND STREET, 11TH FLOOR
SAN FRANCISCO, CA 94105
www.colliers.com
EXCLUSIVELY MARKETED BY: BRYAN C WEBBSenior Vice President + 1 415 288 [email protected]: 01826546
IAN ARMSTRONGAssociate + 1 415 510 [email protected]: 02069601